Statistical inventory control in theory and practice

Statistical inventory control in theory and practice

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Article ID: iaor1995432
Country: Netherlands
Volume: 35
Start Page Number: 161
End Page Number: 169
Publication Date: Jun 1994
Journal: International Journal of Production Economics
Authors: , ,
Keywords: production: JIT, production: MRP
Abstract:

In this paper the authors report on three areas where statistical inventory control (SIC) expectations diverge from reality. First, actual inventory performance seems immune to the use of modern techniques like material requirements planning or just-in-time. Second, simulation studies seem to provide higher than expected customer service levels. Finally, dynamic organizational actions appear to change both the rules of the game and the way that it is scored. These observations suggest that the lack of effectiveness of SIC models in practice cannot be blamed exclusively on the scientists or the pactitioners. The paper suggests that practitioners have not done well in applying the models that are available to them. It also points out that theory and practice are still far apart and suggests some research to remedy this.

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